Understanding What Flip Insurance Covers for Small Businesses

If you're a small business owner, understanding what flip insurance covers is crucial to protecting your business from unexpected events. Flip insurance typically covers business interruption, which can be triggered by a variety of events such as equipment damage, property loss, or even employee injury.

A key aspect of flip insurance is that it provides financial support to help your business stay afloat during a disruption. This can include coverage for temporary relocation costs, equipment rental fees, and even employee salaries.

One of the most significant benefits of flip insurance is that it can help you recover from unexpected events that may otherwise put your business at risk of closure. By having a financial safety net, you can focus on getting your business back on track.

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FLIP insurance offers a range of coverage options to protect your business.

Liability insurance is a primary offering, covering general, professional, and excess liability. This type of insurance is essential for businesses that need to protect themselves against lawsuits and financial losses.

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FLIP's liability insurance can be expanded with various endorsements, such as cyber liability and inland marine coverage. These endorsements can provide additional protection against specific risks, like data breaches and equipment damage.

Recently, FLIP started selling workers' compensation insurance, which is a must-have for businesses with employees. This type of insurance helps cover medical expenses and lost wages in case of work-related injuries or illnesses.

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With FLIP insurance, you can rest assured that your business is protected from various risks. The coverage details are as follows: The General Liability Aggregate Limit is $2,000,000.

This means that in the event of a large-scale liability issue, you're covered up to this amount. The Products – Completed Operations Aggregate Limit is $1,000,000, while the Personal and Advertising Injury Limit is also $1,000,000.

Here's a breakdown of the limits:

The General Each Occurrence Limit is $300,000, and the Damage to Premises Rented to You Limit (Any One Premises) is also $300,000. This is a crucial aspect to consider if you rent a commercial space for your business.

FLIP insurance pricing is straightforward and affordable, with the base policy starting at $25.92 a month.

The cost will depend on the types of coverages you need or want to add, such as tool and equipment coverage, which starts at $8.25 monthly.

Other costs may include cyber insurance at $8.25 monthly, professional liability at $10.42 monthly, and excess liability at $41.67 monthly.

For policies that include liquor liability, the costs are higher, with a standalone policy starting at $200 annually, or a combination of liquor liability and general liability starting at $429 annually.

Here are some specific costs to consider:

Keep in mind that these costs are annual or monthly, depending on the type of coverage, and may vary depending on your specific needs and circumstances.

FLIP's pricing is straightforward and affordable, with the base policy starting at $25.92 a month.

The cost will depend on the types of coverages you need or want to add, such as liability for tools and equipment, which can range from $8.25 to $28.25 monthly.

Other costs to consider include cyber insurance at $8.25 monthly, professional liability at $10.42 monthly, and excess liability at $41.67 monthly.

For policies that include liquor liability, the costs are higher, with a standalone policy starting at $200 annually, or a combination of liquor liability and general liability starting at $429 annually.

You can also choose to add endorsements, such as extending liability to a parked trailer for $12.50 a month.

Here are some examples of additional costs you might incur with FLIP:

If you're planning a special event, you can choose to add liquor liability coverage for just that event, which starts at $105.

Having the right insurance policy is crucial for selling baked goods, and FLIP's coverage offers a range of benefits that can boost your reputation and protect your business.

One of the key advantages of FLIP's insurance is that it covers claims related to food poisoning or unlabeled allergens that cause a customer to have a reaction. This is a critical aspect of running a baking business, as it can help prevent costly lawsuits and maintain customer trust.

FLIP's insurance also provides coverage for damaged equipment, such as ovens or stand mixers, which can be a significant expense for bakeries. With this coverage, you can focus on baking and not worry about the financial impact of a equipment malfunction.

In addition to these benefits, FLIP's insurance also covers third-party bodily injury and property damage. This is essential for bakeries that sell their goods at events or in public spaces, where accidents can happen.

Here are some of the specific claims that FLIP's insurance covers:

FLIP's primary offerings include liability insurance, general liability, professional liability, and excess liability. It also offers several endorsements to expand coverage, such as cyber liability and inland marine.

FLIP's general liability aggregate limit is $2,000,000. This means that in the event of a lawsuit, the company will cover up to $2,000,000 in damages.

The liability deductible for FLIP is not specified, but it is mentioned that the business personal property/inland marine limit has a deductible of $250 per occurrence. This could be an important consideration for business owners who need to balance their insurance costs with their budget.

Special event insurance is a valuable coverage option offered by FLIP, especially for food industry businesses. It's designed to provide protection for events, but its specifics are worth noting.

The Silver package is comparable to the Platinum option for liquor liability, which means it offers similar coverage. However, the Silver package is limited to just three days of coverage.

The Bronze package, on the other hand, corresponds to the Gold policy for liquor liability, but it also only lasts for three days. This means you need to choose the right package based on your event's needs.

Here are the options in a quick rundown:

As a policyholder, you can manage your claims through your account dashboard, which is accessible 24/7.

The account dashboard is the primary resource for all your policy needs, and it's where you'll find information on the claims process.

You can access your policy documents from this dashboard, which is a huge time-saver and a convenient way to have all your information in one place.

FLIP doesn't charge fees for additional insureds, which is a nice perk and a cost-effective option for policyholders who need to add others to their policy.

The account dashboard is also where you can download a certificate of insurance (COI), which is an important document that proves you have coverage.

FLIP offers a range of coverage options, including liability insurance, which is its primary offering. It provides general, professional, and excess liability coverage.

One of the key features of FLIP's coverage is its ability to expand coverage with endorsements, such as cyber liability and inland marine. It also recently started selling workers' compensation.

In addition to its standard coverage options, FLIP offers specialized coverage for specific industries and events, such as food festivals and commercial kitchens. For example, its Home-Baked Goods Insurance covers claims such as food poisoning, damaged equipment, and third-party bodily injury and property damage.

Here are some of the key coverage details offered by FLIP:

FLIP's coverage is designed to provide peace of mind for businesses in the food industry, and its unique features, such as unlimited additional insureds, make it a great option for those who need to protect their business and reputation.

FLIP offers specialized coverage options to protect your business from unique risks. FLIP's inland marine coverage can help protect your business from damaged and stolen equipment.

The aggregate limit for FLIP's inland marine coverage is $10,000. This can provide peace of mind for businesses that rely on expensive equipment to operate.

FLIP also offers excess liability coverage to provide additional protection beyond general liability insurance.

Inland marine insurance is a specialized coverage that can protect your business equipment from damage or theft. FLIP offers this type of insurance, which can be a lifesaver for businesses that rely on their tools and equipment to operate.

FLIP's inland marine insurance has an aggregate limit of $10,000, which means that if your equipment is damaged or stolen, you'll be covered up to this amount. This can help you recover from a loss and get back to business as usual.

FLIP's coverage is not limited to just one type of business - it's designed to cover a wide range of industries, including bartenders, dram shops, personal chefs, food festivals, and commercial kitchens.

As a home-based baker, you're likely aware of the risks involved in running a baking business from your own kitchen. You need to protect yourself and your equipment from potential damages and liabilities.

One key area to consider is equipment protection. FLIP's insurance policy covers damaged equipment, including ovens and stand mixers. This can be a huge relief if you're hit with a sudden repair bill.

If you sell your baked goods at year-round markets, an annual FLIP policy can be a cost-effective choice. It's also a great way to boost your reputation and protect your business.

Here are some specific claims that FLIP's insurance covers:

FLIP's main offerings include general liability with product liability, which is a natural fit given Veracity Insurance's background in product liability insurance.

FLIP is an offshoot of Veracity Insurance, a company that has a long history of specializing in product liability insurance.

FLIP's program options are limited but growing, and its focus on general liability with product liability makes it a good choice for businesses that need comprehensive protection.

FLIP's standout features make it an attractive option for businesses in the food industry.

The insurance policy offered by FLIP comes with broad coverage and healthy limits, all for an affordable price. You can expect to pay just $299 annually for the starting insurance policy.

FLIP's system is easy to use, making it simple to get insurance or add coverage to your existing policy. This user-friendly interface is a big plus for businesses that need to quickly get up and running.

FLIP's policies are specifically designed with the food industry in mind, so you can be sure that the coverages match the expected risks and needs of your business. This attention to detail is a major advantage over more general insurance policies.

Here's a breakdown of FLIP's standout features:

FLIP offers general liability insurance with a focus on product liability, a specialty that Veracity Insurance, its parent company, has been providing for some time.

FLIP's insurance options are currently limited but growing, giving businesses a chance to explore a specialized service.

As an offshoot of Veracity Insurance, FLIP benefits from its parent company's expertise in product liability insurance.

FLIP's main insurance offerings are designed to provide coverage for businesses that need it most, including general liability with product liability.

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